Published on 9/29/2008 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $0.249 million 10.8% reverse convertibles linked to Microsoft
New York, Sept. 29 - HSBC USA Inc. priced $0.249 million of 10.8% reverse convertible notes due March 30, 2009 linked to Microsoft Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Microsoft shares fall below the protection price of $21.288, 80% of the initial price of $26.61, during the life of the notes and finish below the initial price in which case the payout will be Microsoft shares equal to $1,000 principal amount divided by the initial price.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Reverse convertible notes
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Underlying stock: | Microsoft Corp. (Symbol: MSFT)
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Amount: | $0.249 million
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Maturity: | March 30, 2009
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Coupon: | 10.8%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Microsoft shares fall below the protection price of $21.288, 80% of the initial price, and finish below the initial price, in which case Microsoft shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $26.61
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Protection price: | $21.288, 80% of $26.61
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Pricing date: | Sept. 25
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Settlement date: | Sept. 30
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 2.25%
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